Markets React to Jobs Data and Fed Rate Hike Expectations
TL;DR Summary
U.S. stock indexes are expected to open lower on Monday as investors worry that the Federal Reserve will continue to hike interest rates after Friday's jobs data highlighted a still-strong labor market. Futures tied to the tech-heavy Nasdaq 100 led losses after the long weekend, with growth stocks including Apple, Amazon.com, and Microsoft slipping between 0.7% and 1.3% in premarket trade. The odds of a 25-basis point rate hike by the Fed in May rose to over 65% after the jobs data on Friday, according to CME Group's Fedwatch tool, from 57% last week.
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